Last week, Tropical Storm Fay put a damper on many visitors’ plans to come to Panama City Beach. Now, it looks like Gustav could do the same thing.

Local business owners say they're already taking a hit from the storm.

Tropical Storm Gustav's arrival in the Gulf of Mexico is not expected until Saturday, with landfall sometime Monday. But, the Panama City Beach Tourism industry is already feeling its effects.

"Labor Day weekend is traditionally the end of the summer for all of the beach and it's a huge weekend for us. And, to have it interrupted by a storm event is never a good thing. It's a potential huge loss in revenue," said Philip Colvin, Holiday Inn Sunspree marketing director.

Colvin says around 10 people have already canceled their weekend reservations at the Sunspree. This comes just a week after they took a hit from Tropical Storm Fay.

"Unfortunately, Fay was just a big rain that cost us a lot of money. It didn't really do anything other then we had a lot of people cancel and change their reservations to a different time," said Colvin.

By the Sea Resorts suffered a similar loss; 43 people canceled because of Fay. Another 23 have canceled reservations this week due to Gustav.

Jeff Pottgether and his wife recently moved to Panama City Beach from Chicago. Gustav will most likely be the first big storm they face.

"She's a little nervous. We've never been through it before," said Pottgether.

They're concerned the storm could cause flooding, but they have a plan.

"That's one good thing we did get. We've got renters insurance," added Pottgether.

For now, the waters remain somewhat calm and yellow flags are flying.

However, over the next few days, Gustav could significantly change that, meaning more visitors could change their weekend plans.